Tag
NAFEM
The exchange rate for customs duty collections has risen to N1502.1/$, the highest in seven weeks going back to March 22nd when the figure stood at N1572/$.
The U.S dollar index was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year.
The Nigerian Naira weakened further to N1,410/$ in the unofficial market on Friday afternoon as traders saw an aggravated demand for the dollar by parents and travelers.
The Naira opened the month of May on a negative note, trading at N1,360/$ at the parallel market, representing a slight decline of 0.74% from the naira-dollar exchange rate seen the previous day.
The Nigerian Naira saw a notable increase in value against the US dollar in the parallel market, reaching N1,350. This marked a 2.20% rise from the earlier rate of N1,380 on the same day.
The Nigerian naira continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
The naira experienced a decline on Thursday afternoon, falling to N1,450 per dollar in the parallel market.
Prof. Onakoya has stated that the recent CBN's circular on Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks has increased activity in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The exchange rate between the Naira and the Dollar closed at N1,300/$1 on Wednesday on the official NAFEM window, marking the strongest performance in over 8 weeks.
The Nigerian Autonomous Foreign Exchange (NAFEM) saw a notable appreciation on Tuesday, with the closing rate standing at N1560.57 to $1.
The official market observed a modest increase in the value of the Naira against the dollar, concluding at N1,597.24 to $1, marking a 0.34% enhancement from the prior closing figure of N1,602.75 to $1 from the preceding week's end.
The official market witnessed a slight depreciation in the Naira-dollar exchange rate, closing at N1,615.94 to $1, a 0.78% decrease.